HTM 3080 Study Guide - Midterm Guide: Hospitality Industry, Marketing Strategy, Marketing Mix

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 3080
• Professor: Rob Mc Lean

Document Summary

Marketing strategy starts with an inventory of sustainable competitive advantages (and identification of disadvantages) It then proceeds to allocation of resources required to leverage advantages and achieve defined goals. Tactics are the means by which a strategy is carried out. Marketing tactics include (but are not limited to): advertising, social media, public relations, sales, events, endorsements & sponsorships, content generation. Marketing: the process by which companies create value for customers and society, resulting in strong customer relationships which capture value from the customers in return. Need to balance needs, demands and wants. Market offerings: customer wants and needs are fulfilled through some combination of tangible and intangible products and services. Value & satisfaction: customer value and customer expectations. Marketing management orientations: product, selling, societal marketing, marketing, production. Losing a customer means losing more than a single sale: it means losing the entire stream of purchases that the customer would make over a lifetime of patronage.